My query is that, whether submission of audit report u/s. 44AB is mandatory for the F.Y. 2007-08?
Whether any penalty u/s. 271B is leviable in following cases:-

01.Assessee has obtained audit report within & filed ITR-IV within 30/09/2008 and did not submitted Tax Audit Report.

02. Assessee who has obtained audit report within 30/09/2008 & failed to file ITR-IV within 30/09/2008 (Not submitted Audit Report).
(The case is not relating to Bihar or Orissa)

Hi all,

Suppose “XYZ” is an educational institute. It renders broadly two types of services. One is educational service (exempted from paying service tax as per policy of the institute and in accordance with the service tax law) another one is project consultancy service (taxable service). As per project policy of the institute, total estimated project cost (Rs.112.36) is to be calculated as Rs.100.00 (cost of the project) plus Rs.12.36 (service tax). It has got Service Tax Registration No. say on 28.06.07 for providing project consultancy services to its client. The institute generally follows the below mention steps during execution of a project:
1. Preparation of project proposal with budget (in some cases there exists MOU with the client but different projects have been completed one after another and some projects are still running)
2. Sending of the same to the client for sanction.
3. Client gives sanction and releases 50% money.
4. Execution of project.
5. Physical Closure.
6. Financial Closure only after receipt of balance money from the client.

Now, kindly study the following case:

Project proposal with budget sent to the client before 28.04.07 i.e. before the date of the registration (28.06.07). Budget does not include service tax element. Sanction with 1st installment money received on 22.07.07 from project client. Final installment has also been received from the client on 16.08.08 after the physical closure of the project.

(i) Service tax will not attract because project proposal with budget (there is no practice of raising bills) sent to the client before the date of registration.
(ii) Service tax will attract in this case since sanction as well as 1st installment from the client has been received after the date of registration.
(iii) Service tax will attract since services rendered after the date of registration.
(iv) Client may be informed about the fact and Service Tax needs to be recovered from the project client if possible by revising the budget.
(v) Client is not willing to give any additional money and therefore, service tax is to be paid by the Institute out of its project profit applying the back calculation formula.
(vi) Which date and what document should be considered for the purpose of levy of service tax?
(vii) Should service tax attract all the running projects for which proposal has been sent before the date of registration and if yes then who should bear the tax since tax element not yet included in the budget?
(viii) Can budget be revised for running projects incorporating service tax element on the entire project cost at any point of time?

Please give your opinion on the above issues.

Thanks in advance.

WHAT IS THE CONSEQUENCES IF EMPLOYEE CONTRIBUTION TO PF AND ESI IS NOT PAID WITH IN DUE DATE SINCE OUR AUDITOR REPORTED IN HIS 3CD, DISALLOWANCE FOR LATE PAYMENT.

BUT I HAVE NOT TAKEN THE SAME FOR INCOME TAX COMPUTATION AND FILED RETURN WITHOUT TAKING INTO ACCOUNT THE ABOVE DISALLOWANCE.

WHAT WOULD BE THE CONSEQUENCES.

PL. POST ANY CASE STURDY IN THIS RESPECT.

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S.K.

Hello,

I am getting registered for articleship. I just wanted to know regarding the filling of form no. 102 and 103. Does we have to fill form no.102 or will the firm has to fill, Do we have to send these forms first to firm and then to ICAI or the firm will send it directly.

Please suggest.

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Maya

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Regards,
Priya